Kotak MSCI India ETF vs SBI ELSS Tax Saver Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Kotak MSCI India ETF is an ETF fund and SBI ELSS Tax Saver Fund is an ELSS fund. In the year to 30-10-2026, Kotak MSCI India ETF returned −8.0% and SBI ELSS Tax Saver Fund (Direct) returned −8.9%. Kotak MSCI India ETF charges 0.24% a year and SBI ELSS Tax Saver Fund 1.23%. Their portfolios overlap 45.2%: they hold 50 of the same securities.
SBI ELSS Tax Saver Fund
ELSS
- 1 year return
- −8.9%
- Expense ratio
- 1.23%
- NAV
- ₹441.93
Which is better, Kotak MSCI India ETF or SBI ELSS Tax Saver? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Kotak MSCI India ETF returned more over 1 year: −8.0% against −8.9%.
- Kotak MSCI India ETF costs less: 0.24% a year against 1.23%.
- SBI ELSS Tax Saver fell less in its worst fall since 25-02-2025: −14.3% against −14.6%.
- Kotak MSCI India ETF holds more in large companies: 80.6% of the fund in large caps against 63.3%.
- SBI ELSS Tax Saver is the larger fund: ₹30,027 Cr against ₹1,749 Cr.
- Their portfolios overlap 45.2%: 50 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | Kotak MSCI India ETF | SBI ELSS Tax Saver Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | SBI Mutual Fund |
| Category | ETF | ELSS |
| AUM | ₹1,749 Cr (30-09-2026) | ₹30,027 Cr (30-09-2026) |
| NAV | ₹28.23 | ₹441.93 (Direct) |
| Expense ratio (Direct) | Not available | 1.23% |
| Expense ratio (Regular) | Not available | 1.85% |
| Riskometer | Very High | Very High |
| Benchmark | MSCI India TRI | BSE 500 TRI |
| Launch date | 19-02-2025 | 31-03-1993 |
| Minimum investment | Ongoing purchases directly from the Mutual Fund would be restricted to Market Makers and Large Investors (subject to transactions greater than INR 25 crores or such other amount as may be specified by SEBI from time to time) provided the value of units to | ₹500 |
| Lock in | None | 3 years |
| Fund managers | Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar | Dinesh Balachandran |
| Exit load | NIL | Nil |
Kotak MSCI India ETF vs SBI ELSS Tax Saver: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| Kotak MSCI India ETF | +0.29% | −5.98% | −3.50% | −8.03% | -- | -- | -- |
| SBI ELSS Tax Saver Fund (Direct) | −0.50% | −7.18% | −4.75% | −8.94% | +13.23% | +13.15% | +13.59% |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
Category average: the average of the 50 ELSS funds, same plan type.
Kotak MSCI India ETF vs SBI ELSS Tax Saver: Year-wise Returns
| Year | Kotak MSCI India ETFKotak MSCI India ETF | SBI ELSS Tax SaverSBI ELSS Tax Saver |
|---|---|---|
| 2026to date | −8.95% | −10.21% |
| 2025 | -- | +7.28% |
| 2024 | -- | +28.61% |
| 2023 | -- | +41.00% |
| 2022 | -- | +7.58% |
| 2021 | -- | +31.86% |
Kotak MSCI India ETF vs SBI ELSS Tax Saver: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of SBI ELSS Tax Saver Fund
Rolling returns
Every 1-year holding period, 166 of them, one for each trading day from 25-02-2026 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
Kotak MSCI India ETF
SBI ELSS Tax Saver Fund (Direct)
BSE 500 TRI
to
Mar 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 2026Aug 2025
to
Aug 2026Oct 2025
to
Oct 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Kotak MSCI India ETF | 46.4 | 36.7 | 11.4 | 3.6 | 1.8 | 0.0 | 0.0 | 0.9% | 0.2% | −9.8% | 15.8% | 19% |
| SBI ELSS Tax Saver | 51.8 | 31.5 | 12.5 | 3.6 | 0.6 | 0.0 | 0.0 | 0.4% | −0.1% | −10.4% | 16.2% | 5% |
| BSE 500 TRI | 40.4 | 38.6 | 15.7 | 3.6 | 1.8 | 0.0 | 0.0 | 1.5% | 0.8% | −9.2% | 15.7% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is BSE 500 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 25-02-2025. Past returns do not promise future returns.
Kotak MSCI India ETF vs SBI ELSS Tax Saver: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 25-02-2025 to 30-10-2026: 21 instalments, ₹2,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Kotak MSCI India ETFKotak MSCI India ETF | ₹2,10,000 | ₹2,04,302 | −₹5,698 | −3.0% |
| SBI ELSS Tax SaverSBI ELSS Tax Saver Fund (Direct) | ₹2,10,000 | ₹2,00,822 | −₹9,178 | −4.8% |
Kotak MSCI India ETFKotak MSCI India ETF
SBI ELSS Tax SaverSBI ELSS Tax Saver Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Kotak MSCI India ETF vs SBI ELSS Tax Saver: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Kotak MSCI India ETF | SBI ELSS Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.03% | −8.94% |
| Standard deviation | 14.22% | 13.24% |
| Sharpe ratio | -0.93 | -1.07 |
| Sortino ratio | -1.24 | -1.41 |
| Maximum drawdown | −14.6% (31-03-2026) | −14.3% (31-03-2026) |
| Beta | -- | 0.91 |
| Alpha | -- | −2.40% |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Kotak MSCI India ETF | SBI ELSS Tax Saver Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.02% | +14.52% |
| Standard deviation | 13.78% | 15.05% |
| Sharpe ratio | -0.10 | 0.56 |
| Sortino ratio | -0.14 | 0.76 |
| Maximum drawdown | −14.6% (31-03-2026) | −38.2% (23-03-2020) |
| Beta | -- | 0.93 |
| Alpha | -- | +2.18% |
From daily NAVs, 25-02-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
Kotak MSCI India ETF
SBI ELSS Tax Saver Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Kotak MSCI India ETF | −14.6% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.1% |
| SBI ELSS Tax Saver Fund (Direct) | −14.3% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.8% |
| BSE 500 TRI | −14.8% | 02-01-2026 | 30-03-2026 | Not yet | -- | −8.7% |
From daily values since 25-02-2025, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Kotak MSCI India ETF
SBI ELSS Tax Saver Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Kotak MSCI India ETF | 95% | 99% | 1.99% |
| SBI ELSS Tax Saver Fund (Direct) | 89% | 102% | 2.65% |
From month-end values since 25-02-2025. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
Kotak MSCI India ETF vs SBI ELSS Tax Saver: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak MSCI India ETF, September 2026; SBI ELSS Tax Saver Fund, September 2026
Holdings in common
- Overlap
- 45.2%
- Held by both
- 50
- Only in Kotak MSCI India ETF
- 115
- Only in SBI ELSS Tax Saver
- 39
| Security | % of Kotak MSCI India ETF | % of SBI ELSS Tax Saver |
|---|---|---|
| HDFC BANK LTD. | 6.44% | 5.92% |
| ICICI BANK LTD. | 5.60% | 6.45% |
| RELIANCE INDUSTRIES LTD. | 5.44% | 4.65% |
| Larsen and Toubro Ltd. | 2.02% | 2.84% |
| BAJAJ FINANCE LTD. | 1.91% | 2.65% |
| KOTAK MAHINDRA BANK LTD. | 1.82% | 6.76% |
| AXIS BANK LTD. | 2.25% | 1.80% |
| BHARTI AIRTEL LTD. | 3.93% | 1.79% |
| SUN PHARMACEUTICAL INDUSTRIES LTD. | 1.30% | 1.65% |
| Maruti Suzuki India Limited | 1.13% | 1.20% |
| Mahindra & Mahindra Ltd. | 2.05% | 0.98% |
| Hindalco Industries Ltd. | 0.97% | 1.44% |
| TATA CONSULTANCY SERVICES LTD. | 1.33% | 0.92% |
| Tata Steel Ltd. | 1.10% | 0.91% |
| Infosys Ltd. | 2.41% | 0.88% |
| Eicher Motors Ltd. | 0.78% | 1.04% |
| Asian Paints(India) Ltd. | 0.74% | 1.27% |
| Tech Mahindra Ltd. | 0.66% | 1.92% |
| TML COMMERCIAL VEHICLES LIMITED | 0.62% | 1.12% |
| Adani Enterprises Ltd | 0.60% | 2.93% |
| CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD. | 0.55% | 1.40% |
| SAMVARDHANA MOTHERSON INTERNATIONAL LTD | 0.55% | 1.09% |
| Cipla Ltd. | 0.54% | 2.13% |
| One 97 Communications Ltd | 0.51% | 0.84% |
| Cummins India Ltd. | 0.50% | 0.61% |
| Oil And Natural Gas Corporation Ltd. | 0.46% | 0.90% |
| Britannia Industries Ltd. | 0.42% | 1.19% |
| BSE LTD | 0.49% | 0.41% |
| HDFC Life Insurance Company Ltd | 0.41% | 1.77% |
| BHARAT FORGE LTD. | 0.37% | 0.94% |
| Aurobindo Pharma Ltd. | 0.35% | 0.84% |
| GAIL (India) Ltd. | 0.31% | 0.40% |
| FSN E-Commerce Ventures Ltd. | 0.31% | 1.92% |
| ICICI Lombard General Insurance Company Ltd | 0.31% | 0.30% |
| Fortis Healthcare India Ltd | 0.30% | 0.45% |
| Lupin Ltd. | 0.37% | 0.29% |
| GODREJ CONSUMER PRODUCTS LTD. | 0.26% | 0.57% |
| Bosch Limited | 0.25% | 0.87% |
| MUTHOOT FINANCE LTD. | 0.24% | 1.15% |
| SUNDARAM FINANCE LTD. | 0.22% | 0.22% |
| ADANI ENERGY SOLUTIONS LTD. | 0.22% | 0.99% |
| BILLIONBRAINS GARAGE VENTURES LIMITED (GROWW) | 0.21% | 0.92% |
| BANK OF BARODA | 0.19% | 0.57% |
| JSW ENERGY LTD. | 0.18% | 0.74% |
| TORRENT POWER LTD | 0.18% | 2.33% |
| MULTI COMMODITY EXCHANGE OF INDIA LIMITED | 0.33% | 0.16% |
| Shree Cement Ltd. | 0.15% | 0.48% |
| TATA COMMUNICATIONS LTD | 0.15% | 0.88% |
| ICICI Prudential Life Insurance Co. Ltd. | 0.13% | 1.02% |
| Solar Industries India Limited | 0.36% | 0.08% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 45.2% means 45.2% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in Kotak MSCI India ETF
| Security | % of fund |
|---|---|
| STATE BANK OF INDIA. | 1.41% |
| TITAN COMPANY LTD. | 1.30% |
| ETERNAL LIMITED | 1.22% |
| NTPC LTD | 1.12% |
| SHRIRAM FINANCE LIMITED | 1.11% |
Largest holdings only in SBI ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| AIA Engineering Ltd. | 1.39% |
| Grindwell Norton Ltd. | 1.25% |
| TVS Holdings Ltd. | 1.08% |
| Mahindra Lifespace Developers Ltd. | 1.08% |
| Navin Fluorine International Ltd. | 0.97% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak MSCI India ETF | SBI ELSS Tax Saver |
|---|---|---|
| Equity | 100.0% | 95.5% |
| Debt | 0.0% | 0.2% |
| Cash and others | 0.0% | 4.3% |
Market cap of stocks
| Market cap | Kotak MSCI India ETF | SBI ELSS Tax Saver |
|---|---|---|
| Large Cap | 80.6% | 63.3% |
| Mid Cap | 19.4% | 16.9% |
| Small Cap | 0.0% | 15.2% |
| Not on AMFI's list | 0.0% | 0.1% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | Kotak MSCI India ETF | SBI ELSS Tax Saver |
|---|---|---|
| Banks | 20.3% | 23.4% |
| Finance | 6.3% | 8.6% |
| IT - Software | 6.6% | 4.1% |
| Petroleum Products | 6.4% | 4.7% |
| Automobiles | 6.2% | 3.2% |
| Pharmaceuticals and Biotechnology | 5.6% | 0.0% |
| Pharmaceuticals & Biotechnology | 0.0% | 5.4% |
| Auto Components | 1.6% | 4.1% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak MSCI India ETF vs SBI ELSS Tax Saver: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak MSCI India ETF | SBI ELSS Tax Saver Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 1.23% |
| Base expense ratio (Direct) | 0.00% | 0.82% |
| Total expense ratio (Regular) | Not available | 1.85% |
| Base expense ratio (Regular) | 0.17% | 1.35% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Kotak MSCI India ETF vs SBI ELSS Tax Saver Fund: Frequently Asked Questions
What is the difference between Kotak MSCI India ETF and SBI ELSS Tax Saver Fund?
Kotak MSCI India ETF is an ETF fund, SBI ELSS Tax Saver Fund is an ELSS fund, run by Kotak Mahindra Mutual Fund and SBI Mutual Fund. Their portfolios overlap 45.2%. Kotak MSCI India ETF charges 0.24% a year and SBI ELSS Tax Saver Fund 1.23%.
Which has given higher returns, Kotak MSCI India ETF or SBI ELSS Tax Saver Fund?
Over 1 year: Kotak MSCI India ETF −8.03%, SBI ELSS Tax Saver Fund −8.94%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Kotak MSCI India ETF or SBI ELSS Tax Saver Fund?
Kotak MSCI India ETF charges less: 0.24% a year against 1.23%. These are the total expense ratios reported to AMFI.
How much do Kotak MSCI India ETF and SBI ELSS Tax Saver Fund overlap?
45.2%. They hold 50 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, Kotak MSCI India ETF or SBI ELSS Tax Saver Fund?
On SEBI's riskometer, Kotak MSCI India ETF is rated Very High and SBI ELSS Tax Saver Fund Very High. Over 1 years, the standard deviation of daily returns was 14.22% and 13.24% a year.
Can I invest in both Kotak MSCI India ETF and SBI ELSS Tax Saver Fund?
Yes. 45.2% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Kotak MSCI India ETF and SBI ELSS Tax Saver Fund?
Kotak MSCI India ETF: Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar. SBI ELSS Tax Saver Fund: Dinesh Balachandran.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.